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A recession C. deflation 15. Revenue is the A. cost of good multiplied by the quantity sold B. price of good multiplied by the quantity sold C. quantity of good plus purchase price D. quantity applied less quantity sold 16. The main concern of Economist is to A. allocate scarce resource B. depression D. stagflation B. satisfy human wants C. redistribute income D. control the growth of population 17. The Satisfaction derived from the use of a Commodity is A. demand C. wealth B. total D. opportunity 19. An invisible item in the balance of payments account is A. import of various types of goods B. banking services B. electricity D. unility 18. The addition of costs used by both fixed and C. How to produce variable factors in production is called cost. A. money C. fixed C. export of petroleum products D. export of primary products 20. Through the membership of the Economic Community of West African States (ECOWAS) countries have achieved A. full employment of resources B. absolute peace within the region C. military superiority over other African countries D. a large market for their products 21. Given that Qd-80-2p where Qd is quantity demanded and P is the price, what quantity would be demanded when the price (P) is N37 A. 86units B. 30 units D. 14units C.76units 4 A may lead to overproduction B. brings about over-dependence of countries 2 3 2 5 22. From the table, the mean of the distr is A. 2.2 B. 25 C. 3.2 D. 4.5 23. What is the median of the distribution C. provides foreign market for local goods D. brings about unhealthy competition and rivalries 12 25. A financial institution established for the purpose of providing specialized services like acceptance of bills of exchange and equipment leasing is known as A. Merchant C. Central 26. Which of the following problems arises where there are more than one technically possible methods of production A. Where to produce B. For whom to produce D. What to produce 27. When there is improvement Use the table below to answer questions 22-23 31. The X 5 B. Developin D. Insurance terms of trade, it means that the A exports are cheaper mla C. volume of imports has declined B. imports are cheaper relativ D. volume of exports i 28. Which of the following will not notand economic development in West Atat A. Dependen B. Population Control C. High level of illitancy D. Low level of savings 29. Balance of payments corrected through A. increasing foreign B. increasing domestic ber C. import promotion sting D. export promotion tragis 30. One of the rea croct a trade hamin A. control formign B. protect in C. promote importation D. diversity The Frear al product is negative, the

A recession C. deflation 15. Revenue is the A. cost of good multiplied by the quantity sold B. price of good multiplied by the quantity sold C. quantity of good plus purchase price D. quantity applied less quantity sold 16. The main concern of Economist is to A. allocate scarce resource B. depression D. stagflation B. satisfy human wants C. redistribute income D. control the growth of population 17. The Satisfaction derived from the use of a Commodity is A. demand C. wealth B. total D. opportunity 19. An invisible item in the balance of payments account is A. import of various types of goods B. banking services B. electricity D. unility 18. The addition of costs used by both fixed and C. How to produce variable factors in production is called cost. A. money C. fixed C. export of petroleum products D. export of primary products 20. Through the membership of the Economic Community of West African States (ECOWAS) countries have achieved A. full employment of resources B. absolute peace within the region C. military superiority over other African countries D. a large market for their products 21. Given that Qd-80-2p where Qd is quantity demanded and P is the price, what quantity would be demanded when the price (P) is N37 A. 86units B. 30 units D. 14units C.76units 4 A may lead to overproduction B. brings about over-dependence of countries 2 3 2 5 22. From the table, the mean of the distr is A. 2.2 B. 25 C. 3.2 D. 4.5 23. What is the median of the distribution C. provides foreign market for local goods D. brings about unhealthy competition and rivalries 12 25. A financial institution established for the purpose of providing specialized services like acceptance of bills of exchange and equipment leasing is known as A. Merchant C. Central 26. Which of the following problems arises where there are more than one technically possible methods of production A. Where to produce B. For whom to produce D. What to produce 27. When there is improvement Use the table below to answer questions 22-23 31. The X 5 B. Developin D. Insurance terms of trade, it means that the A exports are cheaper mla C. volume of imports has declined B. imports are cheaper relativ D. volume of exports i 28. Which of the following will not notand economic development in West Atat A. Dependen B. Population Control C. High level of illitancy D. Low level of savings 29. Balance of payments corrected through A. increasing foreign B. increasing domestic ber C. import promotion sting D. export promotion tragis 30. One of the rea croct a trade hamin A. control formign B. protect in C. promote importation D. diversity The Frear al product is negative, the

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter2: Choice In A World Of Scarcity
Section: Chapter Questions
Problem 1SCQ: Suppose Alphonsos town raised the price of bus tickets to 1 per trip (while file price of burgers...
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A. recession C. deflation B. depression D. stagflation 15. Revenue is the A. cost of good multiplied by the quantity sold B. price of good multiplied by the quantity sold C. quantity of good plas purchase price D. quantity supplied less quantity sold 16. The main concern of Economist is to A. allocate scarce resource B. satisfy human wants C. redistribute income D. control the growth of population 17. The Satisfaction derived from the use of a Commodity is A. demand C. wealth B. electricity D. utility B. total D. opportunity 19. An invisible item in the balance of payments account is 18. The addition of costs used by both fixed and Cere to produce B. For whom to produce variable factors in production is called cost A. money C. fixed A. import of various types of goods B. banking services C. export of petroleum products D. export of primary products 20. Through the membership of the Economic Community of West African States (ECOWAS) countries have achieved A. full employment of resources B. absolute peace within the region C. military superiority over other African countries D. a large market for their products 21. Given that Qd-80-2p where Qd is quantity demanded and P is the price, what quantity would be demanded when the price (P) is N37 A. 86units B. 30 units D. 14units C. 76units 3 14 F 5 12 1 22. From the table, the mean of the distributin is 5 A may lead to overproduction B. brings about over-dependence of countries on one another A.2.2 B. 25 D.4.5 C. 3.2 23. What is the median of the distribution? A.S B4 C..J C. provides foreign market for local goods D. brings about unhealthy competition and rivalries D. 2 24. International trade is desirabia bonase 25. A financial institution established for the purpose of providing specialized services like acceptance of bills of exchange and equipment leasing is known a Merchant B. Developrownst D. Insurance C. Central 26. Which when theme where there are more than one chically of the following problems arises possible methods of production? to produce D. What to produce 27. When there is improvement in a country's A exports are cheaper relative B. imports are cheaper relative to exports C. volume of imports has declined D. volume of exports han declined 28. Which of the following will not stand economic development in West Atrial A Use the table below to answer questions 22-23 31. The fill 2 C. High level of illiterey D. Low level of savings 29. Balance of payments can be corrected through A. increasing foreign B. increasing domestic being C. import promotion stringer D. export promotion traine 30. One of the reason why got my A. control formign cmd B. protect int inal attein C. promote importation D. divecally the occ B. Internatival Mit D Inte C 33. An arting O pechan Marguga Fund gative, the
Transcribed Image Text:A. recession C. deflation B. depression D. stagflation 15. Revenue is the A. cost of good multiplied by the quantity sold B. price of good multiplied by the quantity sold C. quantity of good plas purchase price D. quantity supplied less quantity sold 16. The main concern of Economist is to A. allocate scarce resource B. satisfy human wants C. redistribute income D. control the growth of population 17. The Satisfaction derived from the use of a Commodity is A. demand C. wealth B. electricity D. utility B. total D. opportunity 19. An invisible item in the balance of payments account is 18. The addition of costs used by both fixed and Cere to produce B. For whom to produce variable factors in production is called cost A. money C. fixed A. import of various types of goods B. banking services C. export of petroleum products D. export of primary products 20. Through the membership of the Economic Community of West African States (ECOWAS) countries have achieved A. full employment of resources B. absolute peace within the region C. military superiority over other African countries D. a large market for their products 21. Given that Qd-80-2p where Qd is quantity demanded and P is the price, what quantity would be demanded when the price (P) is N37 A. 86units B. 30 units D. 14units C. 76units 3 14 F 5 12 1 22. From the table, the mean of the distributin is 5 A may lead to overproduction B. brings about over-dependence of countries on one another A.2.2 B. 25 D.4.5 C. 3.2 23. What is the median of the distribution? A.S B4 C..J C. provides foreign market for local goods D. brings about unhealthy competition and rivalries D. 2 24. International trade is desirabia bonase 25. A financial institution established for the purpose of providing specialized services like acceptance of bills of exchange and equipment leasing is known a Merchant B. Developrownst D. Insurance C. Central 26. Which when theme where there are more than one chically of the following problems arises possible methods of production? to produce D. What to produce 27. When there is improvement in a country's A exports are cheaper relative B. imports are cheaper relative to exports C. volume of imports has declined D. volume of exports han declined 28. Which of the following will not stand economic development in West Atrial A Use the table below to answer questions 22-23 31. The fill 2 C. High level of illiterey D. Low level of savings 29. Balance of payments can be corrected through A. increasing foreign B. increasing domestic being C. import promotion stringer D. export promotion traine 30. One of the reason why got my A. control formign cmd B. protect int inal attein C. promote importation D. divecally the occ B. Internatival Mit D Inte C 33. An arting O pechan Marguga Fund gative, the
FACEMOCK/B MURCT ECONOMICS LATY. JAN-FED 3% HOU EDUCATION RESOURCE CENTRE EDUCATION RECRETARIAT TENERAL CAPITAL TERRITORYOFCTABUZA DO NOT pon by an Vide waiting read the following instructions candy PAPER I OBIECTIVE INSTRUCTIONS Anwer all die questions from this section A production is inadequate Turces have alternative use kan man sedan se limited Amar with NIO needs a dress, a pair of shoes, a handbag and jewelry costing N20, N10, NT and NJ respectively. The opportunity con of buying the pair of shoes is the H. dress and jewelry D. bandbag and jewelry Cjewelry 3. The poufit of a producer is the difference between A. total cost and marginal cost B. total revenue and total cost Caverage cost and total cost D. price and total coat 4. Economic development may be hindered if there is A. high pool of skilled labour B. a high rate of economic growth C. political stability D. rapid population growth 5. Provision of short term loans to solve balance of payments problem is done by the A. International Finance Corporation B. International Monetary Fund C. International Bank for Reconstruction and Development D. African Development Bank 6. Trade between two countries is known as trade. A. Bilateral B. Unilateral C Multilateral D. Internal 7. A budget is balanced when expected total expenditure A. greater than expected D. less than total C. equal to expected D. greater than total 8. In the balance of payments of a country. tourism is classified under A capital account Cerchandise trade D. official reseTYOR 9. General rise in the price level induced by increased price of inputs is referred to as B. invisible trade B cost-pusb D. imported 10. Gold, Diamond, Iron are and Limestone are collectively referred to as A. human Cartificial B. mineral D. forest 11. In which of the following ways has inflation advencly affected your country's economy A. Increase in money supply. A. nun-away C. demand-pall A fall in real income. C. Appreciation in the value of money Increased employment 12. The marketing of government womity by the Central bank in d retail banking open market oper D. commercial banks A B. developent is A population explosion reduction is is called D.
Transcribed Image Text:FACEMOCK/B MURCT ECONOMICS LATY. JAN-FED 3% HOU EDUCATION RESOURCE CENTRE EDUCATION RECRETARIAT TENERAL CAPITAL TERRITORYOFCTABUZA DO NOT pon by an Vide waiting read the following instructions candy PAPER I OBIECTIVE INSTRUCTIONS Anwer all die questions from this section A production is inadequate Turces have alternative use kan man sedan se limited Amar with NIO needs a dress, a pair of shoes, a handbag and jewelry costing N20, N10, NT and NJ respectively. The opportunity con of buying the pair of shoes is the H. dress and jewelry D. bandbag and jewelry Cjewelry 3. The poufit of a producer is the difference between A. total cost and marginal cost B. total revenue and total cost Caverage cost and total cost D. price and total coat 4. Economic development may be hindered if there is A. high pool of skilled labour B. a high rate of economic growth C. political stability D. rapid population growth 5. Provision of short term loans to solve balance of payments problem is done by the A. International Finance Corporation B. International Monetary Fund C. International Bank for Reconstruction and Development D. African Development Bank 6. Trade between two countries is known as trade. A. Bilateral B. Unilateral C Multilateral D. Internal 7. A budget is balanced when expected total expenditure A. greater than expected D. less than total C. equal to expected D. greater than total 8. In the balance of payments of a country. tourism is classified under A capital account Cerchandise trade D. official reseTYOR 9. General rise in the price level induced by increased price of inputs is referred to as B. invisible trade B cost-pusb D. imported 10. Gold, Diamond, Iron are and Limestone are collectively referred to as A. human Cartificial B. mineral D. forest 11. In which of the following ways has inflation advencly affected your country's economy A. Increase in money supply. A. nun-away C. demand-pall A fall in real income. C. Appreciation in the value of money Increased employment 12. The marketing of government womity by the Central bank in d retail banking open market oper D. commercial banks A B. developent is A population explosion reduction is is called D.
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